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Internet of Things (IoT) in Healthcare Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Internet of Things (IoT) in Healthcare Market is segmented by Component (Medical Devices, Systems & Software, Services), Application (Telemedicine, Inpatient Monitoring, Medication Management), End User, and Geography.

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Market Snapshot

internet of things in healthcare market
Study Period: 2018 - 2026
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 11.6 %

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Market Overview

The Internet of Things (IoT) in Healthcare market was valued at USD 46.44 billion in 2020 and is expected to reach USD 89.6 billion by 2026, at a CAGR of 11.6% over the forecast period 2021 - 2026. The IoT market is majorly driven by the growing adoption of healthcare information systems, the emergence of big data in healthcare, improved device accuracy and connectivity, and increasing penetration of connected devices in healthcare.

  • Internet of thing (IoT) technology has the potential to revolutionize the traditional paper-based healthcare treatment by simplifying access to real-time patient data and remote patient monitoring. The emergence of this digital healthcare technology has addressed the impending need for better diagnostics and targeted therapeutic tools. In addition, it not only provides remote patient monitoring to physicians but also works as a fitness and wellness tracker for athletes and a dosing reminder for patients. The successful implementation of IoT in remote monitoring of diabetes and asthma patients, coupled with high penetration of fitness and wellness devices, has created a high demand for the IoT healthcare market.
  • Big data analytics is the fast-emerging topic in IoT. The demand for big data analytics integrates the most recent innovation in machine learning, logical methodologies, computational intelligence, and data mining. Many of the healthcare experts, including payers and providers, are now analyzing big data to obtain detailed knowledge. Even though these efforts are still in their early stages, they are expected to collectively help tackle the industry-related problems regarding inconsistency in healthcare quality and escalating healthcare expenditures.
  • Improvements in the quality of people's daily health and life activities, as well as big data analytics, to support and promote such research activities, are some of the factors driving the market growth, as IoT-based healthcare systems play a key role in the growth of medical information systems. Tracking, tracing, and monitoring of patients are essential to enhance the healthcare system.

Scope of the Report

As per the scope of this report, the term Internet of things (IoT) in healthcare system includes every device that is connected to the internet for a wide range of applications, such as tracking patients or equipment, collecting data, and analyzing the received data.

Component
Medical Devices
Wearable External Medical Devices
Implanted Medical Devices
Stationary Medical Devices
Systems and Software
Services
Application
Telemedicine
Clinical Operations and Workflow Management
Inpatient Monitoring
Medication Management
Other Applications
End User
Hospitals
Clinical Research Organizations
Other End Users
Geography
North America
United States
Canada
Europe
United Kingdom
Germany
France
Rest of Europe
Asia-Pacific
China
Japan
India
Rest of Asia-Pacific
Rest of the World
Latin America
Middle-East & Africa

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Key Market Trends

Medication Management is Expected to Grow Fastest over the Forecast Period

  • The medication management segment is expected to show significant growth during the forecast period, due to the growing adoption of healthcare information systems, rising need to reduce medication errors and improve patient safety, and increasing adoption of mHealth solutions for medication management.
  • A rising focus of market players to develop innovative solutions in the field of medication management is also boosting the segment’s growth.
healthcare iot

North America Holds the Largest Market Share of IoT in Healthcare Market

  • The healthcare Internet of Things (IoT) in North America dominated the global market and is estimated to show a similar trend during the forecast period. This growth is due to factors, like the growing adoption of healthcare IT solutions, the presence of key players, and the availability of sophisticated infrastructure.
  • Rising initiatives to curb medical expenses, resulting in a shifting trend from fee-for-service to a value-based model, have also given the market a significant boost.
iot healthcare devices

Competitive Landscape

The Internet of things (IoT) in the healthcare market is moderately competitive and consists of several major players. The companies are implementing certain strategic initiatives, such as mergers, new product launches, acquisitions, and partnerships that help them in strengthening their market position.

  • January 2019 - IBM and medical device company Medtronic teamed up to develop IQcast, a predictive tool built into Metronics’ Sugar.IQ app for diabetic patients who require multiple daily injections. By applying machine learning algorithms to readings from Medtronics’ Guardian Connect continuous glucose monitoring system, IQcast can predict the likelihood that a person will experience a low-glucose event within 1-4 hours and recommend proactive steps to reduce the chances of future dips.
Medtronic PLC, Koninklijke Philips NV, Cisco Systems, International Business Machines Corporation, GE Healthcare, Microsoft Corporation, SAP SE

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Emergence of Big Data in Healthcare

      2. 4.2.2 Increased IT Adoption in the Healthcare Sector

      3. 4.2.3 Improved Device Accuracy and Connectivity

    3. 4.3 Market Restraints

      1. 4.3.1 Data Privacy and Security Concerns

      2. 4.3.2 Requirement for High Initial Investments

    4. 4.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Component

      1. 5.1.1 Medical Devices

        1. 5.1.1.1 Wearable External Medical Devices

        2. 5.1.1.2 Implanted Medical Devices

        3. 5.1.1.3 Stationary Medical Devices

      2. 5.1.2 Systems and Software

      3. 5.1.3 Services

    2. 5.2 Application

      1. 5.2.1 Telemedicine

      2. 5.2.2 Clinical Operations and Workflow Management

      3. 5.2.3 Inpatient Monitoring

      4. 5.2.4 Medication Management

      5. 5.2.5 Other Applications

    3. 5.3 End User

      1. 5.3.1 Hospitals

      2. 5.3.2 Clinical Research Organizations

      3. 5.3.3 Other End Users

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

      2. 5.4.2 Europe

        1. 5.4.2.1 United Kingdom

        2. 5.4.2.2 Germany

        3. 5.4.2.3 France

        4. 5.4.2.4 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 India

        4. 5.4.3.4 Rest of Asia-Pacific

      4. 5.4.4 Rest of the World

        1. 5.4.4.1 Latin America

        2. 5.4.4.2 Middle-East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Medtronic PLC

      2. 6.1.2 Koninklijke Philips NV

      3. 6.1.3 Cisco Systems

      4. 6.1.4 International Business Machines Corporation

      5. 6.1.5 GE Healthcare

      6. 6.1.6 Microsoft Corporation

      7. 6.1.7 SAP SE

      8. 6.1.8 Capsule Technologies, Inc.

      9. 6.1.9 Resideo Technologies, Inc.

      10. 6.1.10 Stanley Healthcare

      2. *List Not Exhaustive

  7. 7. INVESTMENT ANALYSIS

  8. 8. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
**Competitive Landscape Covers- Business Overview, Financials, Products and Strategies, and Recent Developments

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Frequently Asked Questions

The IoT in Healthcare Market market is studied from 2018 - 2026.

The IoT in Healthcare Market is growing at a CAGR of 11.6% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2021.

Medtronic PLC, Koninklijke Philips NV, Cisco Systems, International Business Machines Corporation (IBM), GE Healthcare are the major companies operating in IoT in Healthcare Market.

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